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GBPUSD: Low level shock recovery
2022-09-29
1150
Fundamental analysis:
The pound remained volatile against the dollar at 1.08830. The British overnight index swap market showed that the probability of the Bank of England raising interest rates to 3.5% before November 3 was 80%, while the probability of raising interest rates to 3.75% was 20%. Peel, the chief economist of the Bank of England, believes that the impact of the new economic plan requires a major monetary policy response.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the low position bulls' power maintained a narrow range of consolidation and slowly rose. Bulls began to emerge. Short term buying began to enter the market. The MACD index was in the short position and the low position consolidation rose, while the RSI index was in a weak position near the 50 equilibrium line;
Empty turning point: 1.08389
Pressing position: 1.09774, 1.10805
Support position: 1.07356, 1.06299
Trading strategy: bullish above 1.08389, target 1.09774, 1.10805
Alternative strategy: bearish under 1.08389, target 1.07356, 1.06299
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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